SOFA Partners with Zhejiang Weiming on PSEL Waste-to-Energy Projects

PT Solusi Environment Asia Tbk (SOFA), through its subsidiary PT Ananta Energi Asia (AEA), has become a shareholder in two consortium companies for waste-to-energy (PSEL) projects coordinated by Danantara. Quoting information disclosed to the Indonesia Stock Exchange, the company has signed a share sale and purchase agreement with Zhejiang Weiming Environment Protection Co., Ltd. and its affiliates. The two consortium companies were formed to develop waste-to-energy projects in the Greater Denpasar and Greater Bogor areas. The company explained that the transaction follows approval from PT Danantara Investment Management (DIM), which had previously agreed to the entry of AEA as a local partner in the Waste-to-Energy consortium led by Zhejiang Weiming. Through this transaction, AEA will hold a 10 per cent stake in each consortium company. The process of changing the shareholder composition in each consortium company is currently awaiting administrative completion in the form of approval and receipt of notification of amendments to the articles of association from the Ministry of Law of the Republic of Indonesia. Management stated that the transaction represents the realisation of the company’s commitment to developing renewable energy businesses while supporting more sustainable waste management in Indonesia.